Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,426.46+34.42

THE TAKEAWAY: The US Dollar is attempting to stage a come-back after finding interim support while S&P 500 technical positioning continues to warn of weakness ahead.

US DOLLAR TECHNICAL ANALYSIS Prices put in a bullish Piercing Line candlestick pattern above support at 9933, the 23.6% Fibonacci expansion, hinting a move higher is ahead. Initial resistance lines up at 9983, the underside of a rising channel set from mid-September, with a break above that targeting the November 21 close at 10046. Alternatively, a drop below 9933 initially exposes a minor falling channel bottom at 9909.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_4.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices put in a bearish Evening Star candlestick pattern below resistance in the 1424.90-1430.90 area, hinting the upward correction witnessed since mid-September may be over and the dominant down trend ready to resume. Initial support lines up at 1406.20, the 14.6% Fibonacci expansion, with a break below that exposing the 23.6% mark at 1394.30. Alternatively, a push back above 1430.90 targets 1466.10.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_3.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke lower after putting in a Bearish Engulfing candlestick pattern, taking out support at a rising trend line set from late June. Sellers now aim to challenge the November 5 low at 1672.50. The trend line (now at 1709.01) has been recast as resistance, with a push back above that aiming to challenge 1752.55.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_2.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices moved lower as expected after putting in a Shooting Star candlestick below resistance at the 23.6% Fibonacci expansion (89.48). Sellers have now cleared near-term support is at 87.42, the 14.6% Fib, exposing the channel bottom at 85.71. A break below that targets the November 7 low at 84.04. The 87.42 level has been recast as near-term resistance, with a reversal back above that aiming for 89.48 anew.

Forex_Analysis_US_Dollar_Shows_Signs_of_Life_SP_500_May_Turn_Lower_body_Picture_1.png, Forex Analysis: US Dollar Shows Signs of Life, S&P 500 May Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.170.00+3.03%
    N21.SI
    0.20+0.01+3.09%
    SK3.SI
    0.98-0.01-1.51%
    G13.SI
    0.425-0.015-3.41%
    E5H.SI
    0.3750.0000.00%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.30+0.07+30.43%
    BLZ.SI
    0.445+0.075+20.27%
    BLL.SI
    0.265+0.035+15.22%
    BQN.SI
    0.49+0.06+13.95%
    F03.SI
    0.188+0.017+9.94%
    KJ5.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.44-0.04-8.33%
    573.SI
    0.15-0.01-6.25%
    M11.SI
    0.30-0.02-6.25%
    BTG.SI
    0.26-0.02-5.45%
    C13.SI
    0.36-0.02-5.26%
    BBP.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4296+0.0057+0.40%
    USDSGD=X
    1.5084-0.0025-0.17%
    EURSGD=X
    1.7945+0.0048+0.27%
    GBPSGD=X
    80.3520+0.229+0.29%
    SGDJPY=X
    5.4247-0.018-0.33%
    SGDHKD=X
    3.0918-0.0137-0.44%
    SGDMYR=X
    9,317.2754-16.5762-0.18%
    SGDIDR=X
    4.8256-0.0041-0.08%
    SGDCNY=X
    1.0641+0.003+0.28%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,158.40-11.40-0.97%
    GCZ16.CMX
    16.82-0.20-1.20%
    SIZ16.CMX
    80.08-2.49-3.01%
    ^XAU
    2.64+0.03+0.95%
    HGZ16.CMX
    51.48+0.64+1.26%
    CLF17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.88+0.06
    ^FVX
    2.46+0.08
    ^TNX
    3.15+0.07
    ^TYX